RBI inks cooperation pacts with central bank of Australia & NZ

The Reserve Bank of India has inked cooperation agreements with the central banks of Australia and New Zealand for exchange of information, said the media report.

The memorandum of understanding (MoUs) provided a formal, yet legally non-binding, channel for information exchange between the supervisors, RBI said in a statement.

With this, the apex bank has signed such MoUs with 18 supervisors, it said.

The MoU provides for sharing of information on health of the supervised entities, cooperation between the supervisors during on-site examinations, frequent meetings between the supervisors and preserving the confidentiality of information shared, added the media report.

Besides, the pact does not override the laws of the land of either supervisor but only tries to build an environment of supervisory cooperation and coordination in complete adherence to such laws, it said.